BANGKOK: In a move which affirms the careful stance Thailand has taken up toward cryptocurrencies, the country’s military government is looking to implement new laws for regulating the burgeoning cryptocurrency market by introducing taxation on digital currencies.
As reported by Nikkei Asian Review, the development was announced on March 27 by Thailand’s Finance Minister Apisak Tantivorawong, followed by a weekly cabinet meeting. Tantivorawong confirmed that as per the new laws, investors are obligated to pay a flat 7% value-added tax on all cryptocurrency exchanges, together with a 15% capital gains tax on returns from crypto investments.
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This development comes a few weeks after the Central Bank of Thailand banned financial institutions in the country from engaging in cryptocurrencies.
A royal decree draft concerning regulation of crypto taxation in order to curb theft and tax evasion has also recently been approved by the Cabinet of Thailand.
